{"id":5290,"date":"2020-10-31T19:00:16","date_gmt":"2020-10-31T19:00:16","guid":{"rendered":"https:\/\/www.newsbtc.com\/?p=448454"},"modified":"2020-10-31T19:00:16","modified_gmt":"2020-10-31T19:00:16","slug":"bitcoin-could-rally-to-an-all-time-high-if-it-hits-one-key-level","status":"publish","type":"post","link":"https:\/\/www.buyucoin.com\/crypto-labs\/bitcoin-could-rally-to-an-all-time-high-if-it-hits-one-key-level\/","title":{"rendered":"Bitcoin Could Rally to an All-Time High if It Hits One Key Level"},"content":{"rendered":"

Bitcoin could be on the cusp of posting a move to fresh all-time highs if it can close its monthly candle today above one critical level.<\/p>\n

The benchmark cryptocurrency<\/a> has been caught within the throes of an intense uptrend throughout the past several days and weeks, with each selloff being fleeting and followed by it setting higher highs.<\/p>\n

This type of price action shows that it is now in a clear bull market, and the fundamental and technical strength underpinning it at the present moment suggests new all-time highs could be on the table.<\/p>\n

One analyst is stating that a monthly close above $13,900 could be all that it takes to rally significantly higher in the days and weeks ahead.<\/p>\n

In 2017 during the peak of the bull run, Bitcoin’s price was rejected at $20,000 mid-way through the month, with its monthly candle for December closing below $14,000.<\/p>\n

This means that tonight’s monthly candle close could be one of the most significant ones that Bitcoin has ever seen before.<\/p>\n

Bitcoin Rallies to Fresh Post-2017 Highs as Bulls Maintain Control<\/strong> <\/strong><\/h2>\n

At the time of writing, Bitcoin<\/a> is trading up over 2% at its current price of $13,855. This marks a slight decline from its daily highs of $14,100 that were set overnight.<\/p>\n

The cryptocurrency has not seen any sustainable declines since this uptrend first began, which is an incredibly positive sign that speaks to bulls’ current strength.<\/p>\n

So long as buyers continue absorbing any intense selling pressure, there’s a strong likelihood that upside is imminent.<\/p>\n

The key level to watch in the near-term is roughly $13,900, as a daily candle close above this level would allow BTC’s monthly candle to see its highest close ever.<\/p>\n

Analyst: Break Above $13,900 Could Send BTC to Its All-Time Highs<\/strong><\/h2>\n

Highlighting the importance of breaking and closing above $13,900, one analyst explained<\/a> that he would not be surprised to see a rally to all-time highs of over $20,000 if Bitcoin’s monthly close takes place above this level.<\/p>\n

\n

“Lets close BTC above that green line on the monthly and send it to ATH,” he said.<\/p>\n<\/blockquote>\n

\"Bitcoin\"<\/p>\n

Image Courtesy of Josh McGruff. Source: BTCUSD on TradingView.<\/a><\/pre>\n
Bitcoin<\/a> bears have been vying to stop this from taking place, which means that it will require a significant influx of buying pressure in the coming hours for this crucial breakout to occur.<\/p>\n
Featured image from Unsplash.\nCharts from TradingView<\/a>.<\/pre>\n","protected":false},"excerpt":{"rendered":"
Bitcoin could be on the cusp of posting a move to fresh all-time highs if it can close its monthly candle…<\/p>\n","protected":false},"author":1,"featured_media":5291,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[55],"tags":[180,114,115,116],"class_list":["post-5290","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-daily-crypto-news","tag-btc","tag-btcusd","tag-btcusdt","tag-xbtusd"],"_links":{"self":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts\/5290"}],"collection":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/comments?post=5290"}],"version-history":[{"count":0,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts\/5290\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/media\/5291"}],"wp:attachment":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/media?parent=5290"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/categories?post=5290"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/tags?post=5290"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}